Word: ownerships
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Dates: during 2000-2009
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...where, says Robert Wade of the London School of Economics, there is "an unusually deeply held belief in the merits of free trade and free investment," there are limits. When Russian gas behemoth Gazprom started stalking the British supplier Centrica, officials let it be known that "any new ownership would face robust scrutiny." Put all those straws in the wind and you've got a flying haystack. "We're at a point here," says Kenneth Courtis, vice chairman of Goldman Sachs Asia, "where if this is just a little pop it doesn't mean very much...
...just been "lost" to China's Pearl River Delta can be assured of a hearing on the evening news. And just as in the 1980s, when U.S. legislators had panic attacks after Japanese investors overpaid for everything from Hawaiian beachfront hotels to the Rockefeller Center, the foreign ownership of key domestic industries is promoting a backlash. "Countries are still trying to keep some poles of industrial strength within their economies," says Courtis. "I wouldn't have any problems whatsoever if the British apparel industry was taken over entirely by Bangladesh firms," Wade says. But as for "strategic industries" like energy...
...Such numbers persuade Goldin that globalization's boosters should not panic. Recent events that stress the rebuilding of national economic walls, he says, "are tiny compared to the overall trends in investment, trade, tourism or other forms of interchange." Sometimes, to be sure, complaints about trade and foreign ownership mask other issues. Thais may have marched on the Singapore embassy chanting "Thailand's not for sale!" but it was Thaksin, and his windfall from the sale of Shin Corp., that they had in their sights. "If [Singapore] took over a glass factory," says Kasit Piromya, a former Thai ambassador...
...WILL WE SHOP IN THE FUTURE? Historically, we have bought things with the expectation that we're going to own them until they break or we give them away. We're evolving into a more efficient, temporary-ownership society, in which we buy things with the expectation that at some point, we'll trade up, similar to how we own cars...
...port-terminal owner is not required to submit to security checks unless there are operational changes, such as the hiring of a new staff. If the Dubai episode prods Americans into a more active role in investigating commercial-port operations (one proposed law would ban foreign-government ownership of key port facilities), Canada's comparatively laid-back approach toward ownership could lead to new tension across the border...